Right now is a good time to pay attention to your bank balance – if you’ve got extra time on your hands, it’s a great opportunity to keep tabs on your outgoings, whatmoneyis coming in and how much you might be spending unnecessarily.
We’re in the middle of a global pandemic and we’re all facing uncertainty – when is lockdown going to end? Will I be able to pay my rent if I lose my job? How much pay cut am I getting if I’m furloughed?
With big social events in the diary postponed, many of us no longer commuting and fewer meals out (Deliveroo still counts! ), now is the time to think about saving your money.
After all, who has ever regretted squirrelling away some extra cash each month? Whether you need an emergency piggy bank to fall back on or want to fund your perfect post-lockdown getaway, these are the best free budgeting apps that can help you cut expenses and overspending and help you save money.
Snoop
This recently-launched app uses what it calls ‘open banking technology’ which connects all your bank accounts and credit cards together so they can be analysed easily. Using AI and human intelligence, it gives you personalised recommendations on how to spend, highlighting alternatives and offering you money saving tips – from your groceries to your internet provider.
Emma
Like a financial assistant, this app is all about helping you manage subscriptions (all of them, even the ones like Amazon Prime you clicked by accident and never cancelled), tracking debt and avoiding overdrafts. You can easily view your spending and set budgets, get notified when refunds and payments are received and identify where you can instantly save money.
Chip
If you have all intentions to save money but never get around to actually doing it, this is the app for you. It automatically puts money aside in your Chip account, after calculating an affordable amount for you based on your spending history. Often the sum is small enough that you don’t even notice it coming out. Genius.
Money Dashboard
Like it says in the name, this app allows you to see all your accounts and credit cards in one place. Your income and spending gets categorised so you can visualise the areas you might be overspending in, making it simpler to cut back and put the money towards something even better. You can also look at a future predicted income which is useful for anyone wedding planning or wanting to save for a mortgage.
Oval
A clever app that allows you to make yourself save using ‘Steps’ – saving rules based on your habits. One rule might be to pay into your savings every time you buy a coffee or do an Instagram post, for example. You can also just set up a simple regular deposit too. The app also has its own ‘Oval Coach’ setting you missions to complete to improve your habits – the more you complete, the harder they get – which means the more you end up saving.
